Can you summarize IACO 554.12206?

Short Summary

1.If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system by the sender and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are deemed to be those transmitted by the system. This section does not apply to a funds-transfer system of the federal reserve banks. 2.This section applies to cancellations and amendments of payment orders in the same manner it applies to payment orders. 92 Acts, ch 1146, 14; 2020 Acts, ch 1062, 94 Referred to in 554.12205

Jurisdiction

Iowa

Source

• Banking